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There’s nothing more stressful and all consuming than being in debt. Neil Hamilton offers suggestions to haul you back into the black

Your money or your life

Whether it’s a skinny mocha frappuccino every morning, or a quick ciggie out the back on your tea break, chances are you could cut a few ‘treats’ out of your day if you’re feeling the pinch.

Take a packed lunch to work, walk more, buy a cheap bike, pay off your credit card each month – it could save you £20 a week, and make you a lot fitter.

Marianne Craig, an ex-Citizens Advice Bureau volunteer dealing with financial and emotional issues and now a professional life coach, says few of us are trained to handle money. She recommends you keep a grip of your outgoings in particular.

“If you do this, there is more chance of being in control because if money is tight it affects every part of life. It then becomes difficult to make real changes and do what you want,” she says.

One easy way of saving the pennies is taking a packed lunch to work. “Of course, it’s nice to have a treat once in a while, particularly if you’re in a hurry and have not prepared for lunch,” says Ms Craig. “But in general, if you are making the kids a packed lunch why not make one for yourself?”

Another money-saving tip is cutting down on takeaways and convenience food. “With women going out to work and having less time to cook the pressure is on. You don’t need to cut out takeaways altogether, just see them as a treat,” says Ms Craig.

Also shop in your local market – they’re usually cheaper than supermarkets – and buy more fresh fruit and vegetables. It’s a fallacy that it costs more to eat healthily. An apple costs no more than a chocolate bar.

Buying a season ticket can save money and many employers will give you an interest-free loan. But walking or cycling to work is even cheaper – and keeps you fit! “Travelling on a packed train or bus can add to the stress of the day if you’ve got a busy job,” says Ms Craig. “Walking or cycling home can help ease the stress.”

Also it’s a good idea to cut down on that quick smoke during work breaks and those little treats at your local coffee shop – again saving money can improve your health as well.

Cutting ciggies from 20 to 10 a day will save you £77 a month. That’s almost £1,000 a year!

Just think what you could do with that money – and talking of treats, we all deserve them even when money is tight. “It’s best to save up for treats,” says Ms Craig. And buy nice things when you can afford them rather than just adding to your debt.

Credit cards can be a problem, warns UNISON Welfare casework team leader Maggie Hollands. If you only pay the minimum amount each month compound interest quickly kicks in and the debt grows all the time. “Always use a credit card as part of your budget. Make sure you pay what you spend each month.”

Ms Craig warns against sweeping money worries under the carpet. However scary it seems, get it all on the table, be clear how much money is going out and where. Then you can prioritise – what’s important? What do you need to cover bills? Then go wild with what’s left over!

With personal debt a growing problem, Ms Hollands agrees the key to managing money is working within your means.

“People do fall by the wayside, but balancing a budget that you’ve organised, according to your needs and income, should help you save a little,” she says.

“It’s sadly true that people on low incomes often don’t have anything extra to save but we’re hoping the new tax credits will help members put something away.”

Advice on managing debt can vary from saving just £1 a month to those who are deep in debt becoming voluntarily insolvent – a step below declaring bankruptcy where you keep your home and the debt is cleared within five years.

UNISON Welfare Debtline: 0800 389 3302
Marianne Craig: 01273 563518

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